Tata Motors has been on a bearish run since 2017 correcting from 550 levels, nearly 40%. The stock has taken support on the major trend line which it has been following since 2011. The stock had seen bounce back from the same trend line at 326 levels in April and has seen similar bounce at same levels. One can go long with Target of 342/352/360, Keeping Stop Loss at 325.
The stock is also seen forming a double bottom formation which can take the stock to 370 before reversal or break out. Break Out can further take the price around 399/400 levels.
The stock is also seen forming a double bottom formation which can take the stock to 370 before reversal or break out. Break Out can further take the price around 399/400 levels.
Comment:
With the Large Cap cycle turning bullish, this stock can be a good bet for medium term investing.
Trade active:
Target of 342 Reached
Trade closed: stop reached
